Oklahoma § 36-1538 - Confidentiality and privilege

§ 36-1538. Confidentiality and privilege

A. Documents, materials or other information including the

Corporate Governance Annual Disclosure (CGAD), in the possession or

control of the Oklahoma Insurance Department that is obtained by,

created by or disclosed to the Insurance Commissioner or any other

person under this act, is recognized by this state as being

proprietary and to contain trade secrets. All such documents,

materials or other information shall be confidential by law and

privileged, shall not be subject to the Oklahoma Open Records Act,

subpoena, and discovery or admissible in evidence in any private

civil action. However, the Commissioner is authorized to use the

documents, materials or other information in the furtherance of any

regulatory or legal action brought as a part of the Commissioner's

official duties. The Commissioner shall not otherwise make the

documents, materials or other information public without the prior

written consent of the insurer. Nothing in this section shall be

construed to require written consent of the insurer before the

Commissioner may share or receive confidential documents, materials

or other CGAD-related information pursuant to subsection C of this

section to assist in the performance of the Commissioner's regular

duties.

Oklahoma Statutes - Title 36. Insurance

B. Neither the Commissioner nor any person who received

documents, materials or other CGAD-related information, through

examination or otherwise, while acting under the authority of the

Commissioner, or with whom such documents, materials or other

information is shared pursuant to this act shall be permitted or

required to testify in any private civil action concerning any

confidential documents, materials, or information subject to

subsection A of this section.

C. In order to assist in the performance of the Commissioner's

regulatory duties, the Commissioner:

1. May, upon request, share documents, materials or other CGADrelated information including the confidential and privileged

documents, materials or information subject to subsection A of this

section, including proprietary and trade secret documents and

materials, with other state, federal and international financial

regulatory agencies, including members from the National Association

of Insurance Commissioners (NAIC), and with third-party consultants

pursuant to Section 6 of this act, provided that the recipient

agrees in writing to maintain the confidentiality and privileged

status of the CGAD-related documents, material or other information

and has verified in writing the legal authority to maintain

confidentiality; and

2. May receive documents, materials or other CGAD-related

information, including otherwise confidential and privileged

documents, materials or information, including proprietary and trade

secret information or documents, from regulatory officials of other

state, federal and international financial regulatory agencies,

including members from the NAIC and shall maintain as confidential

or privileged any documents, materials or information received with

notice or the understanding that it is confidential or privileged

under the laws of the jurisdiction that is the source of the

documents, materials or information.

D. The sharing of information and documents by the Commissioner

pursuant to this act shall not constitute a delegation of regulatory

authority or rulemaking, and the Commissioner is solely responsible

for the administration, execution and enforcement of the provisions

of this act.

E. No waiver of any applicable privilege or claim of

confidentiality in the documents, proprietary and trade secret

materials or other CGAD-related information shall occur as a result

of disclosure of such CGAD-related information or documents to the

Commissioner under this section or as a result of sharing as

authorized in this act.

Added by Laws 2019, c. 345, § 5, eff. Nov. 1, 2019.